^%. 


^>. 


^^^^ 


IMAGE  EVALUATION 
TEST  TARGET  (MT-3) 


k 


f 


A 


{./ 


fJ^ 


I/. 


1.0 


I.I 


1.25 


!f  i^  IIM 

1^    111112.2 


S   1^    = 

li^  ^  IIIIIM 


1.8 


14    111.6 


^ 
^ 


VQ 


A 


V 


.^. 


^ 


# 


iV 


:\ 


\ 


^.  v^  '^o\ 


% 


n? 


>^ 


CIHM/ICMH 

Microfiche 

Series. 


CIHM/ICMH 
Collection  de 
microfiches. 


Canadian  Institute  for  Historical  Microreproductions 


Institut  Canadian  de  microreproductions  historiques 


1980 


Technical  Notes  /  Notes  techniques 


The  Institute  has  attempted  to  obtain  the  best 
original  copy  available  for  filming.  Physical 
features  of  this  copy  which  may  alter  any  of  the 
images  in  the  reproduction  are  checked  below. 


L'Institut  a  microfilm^  le  meilleur  exemplaire 
qu'il  lui  a  6t6  possible  de  se  procurer.  Certains 
difauts  susceptibles  de  nuire  d  la  quality  de  la 
reproduction  sont  not6s  cl-dessous. 


D 
D 


Coloured  covers/ 
Couvertur^s  de  couleur 


Coloured  maps/ 

Cartes  gdographiques  en  couleur 


D 
D 


Coloured  pages/ 
Pages  de  couleur 


Coloured  plates/ 
Planches  en  couleur 


D 
D 


Pages  discoloured,  stained  or  foxed/ 
Pages  ddcolordes,  tachetdes  ou  piqu6es 


Tight  binding  (may  cause  shadows  or 
distortion  along  interior  margin)/ 
Reliure  sern§  (peut  causer  de  I'ombre  ou 
de  la  distortion  le  long  de  la  marge 
int6rieure) 


D 


D 


Show  through/ 
Transparence 


Pages  damaged/ 
Pages  endommagdes 


v/ 


Additional  comments/ 
Commentaires  suppldmentaires 


Original  copy  restored  and  laminated, 


Bibliographic  Notes  /  Notes  bibliographiques 


n 

n 
0 


Only  edition  available/ 
Seule  Edition  disponible 


Bound  with  other  material/ 
Relid  avec  d'autres  documents 


Cover  title  missing/ 

Le  titre  de  couverture  manque 


Plates  missing/ 

Des  planches  manquent 


Additional  comments/ 
Commentaires  suppldmentaires 


D 

D 
D 


Pagination  incorrect/ 
Erreurs  de  pagination 


Pages  missing/ 
Des  pages  manquent 


Maps  missing/ 

Des  cartes  gdographiques  manquent 


Blank  leaves  added  during  restoration  may  appear 
within  the  tex.;.   Whenever  possible,  these  have  been 
omitted  from  filming. 


The  images  appearing  here  are  the  best  quality 
possible  considering  the  condition  and  legibility 
of  the  original  copy  and  in  keeping  with  the 
filming  contract  specifications. 


Les  images  suivantes  ont  Ati  reproduites  avec  le 
plus  grand  soin.  compte  tenu  de  la  condition  et 
de  la  nettetA  de  rexemplaire  filmi,  et  en 
conformitil  avec  les  conditions  du  contrat  de 
fllmage. 


The  last  recorded  frame  on  each  microfiche  shall 
contain  the  symbol  —»>  (meaning  CONTINUED"), 
or  the  symbol  V  (meaning  "END"),  whichever 
applies. 


Un  des  symboles  sulvants  apparaftra  sur  la  der- 
nlAre  image  de  cheque  microiflche,  selon  le  cas: 
ie  symbole  -^  signifie  "A  SUIVRE",  le  symbole 
V  signifie  "FIN". 


The  original  copy  was  borrowed  from,  and 
filmed  with,  the  kind  consent  of  the  following 
institution: 

Library  of  the  Public 

Archives  of  Canada 

Maps  or  plates  too  large  to  be  entirely  included 
in  one  exposure  are  filmed  beginning  in  the 
upper  left  hand  corner,  left  to  right  and  top  to 
bottom,  as  many  frames  as  required.  The 
following  diagrams  illustrate  the  method: 


L'exemplaire  film6  fut  reproduit  grdce  d  la 
g6n6rosit6  de  i'^tablissement  prdteur 
suivant  : 

La  bibliothique  des  Archives 

publiques  du  Canada 

Les  cartes  ou  les  planches  trop  grandes  pour  dtre 
reproduites  en  un  seul  clich)  sont  filmdes  d 
partir  de  i'angle  supdrieure  gauche,  de  gauche  d 
droite  et  de  haut  en  bas,  en  prenant  le  nombre 
d'images  n^cessaire.  Le  diagramme  suivant 
illustre  la  m^thode  : 


1 

2 

3 

1 

2 

3 

4 

5 

6 

FINANCE-CURRENCY. 


8PEE0H 


OF 


HON.  MOSES  W.  FIELD, 

OF   MICHIGAN, 


IN  THE 


HOUSE   OF  REPRESENTATIVES, 


APRIL  8,  1874. 


' '  The  credit  of  tho  nation  poBa«iiBe«  Intrinsic  value  as  well  ta  any 
metal,  and  It  represents  labor  aa  well  as  gold,  because  H  ig  igsued  in 
exchange  for  labor.  Something  nugt  be  employed  for  a  circulating- 
medium,  and  why  not  uie  the  natfanal  credit  for  the  purpose  ?  Gold  in 
out  of  the  (luestion,  for  we  have  n»t  got  it.  Qreenbackg  have  worked 
'veil,  and  they  are  exceedingly  popular.  I  prefer  thoge  Government 
bills  to  bank-bills.';  public  credit  to  private  credit." 


WASHINGTON: 

QOVKUNMENT     PUINTINQ     OFFICE. 

1874. 


cxi) 


S'/^ool  ^ 


Hi 


SPEECH 

Of 

HON.    M08E8    W.    FIELD, 


Tlio  TIon«t>  liaviuj:  utnlor  ronsidcrntionflio  liill  (11.  R.  "So.  l.">72)  entitled  "An  not 
to  Hiiieiid  the  tteveriil  hvAh  itrovidiii);  a  natiDiial  ctnreucy  and  to  e»tabli»L  free  bauk- 
iug,  and  for  other  imrposes'" — 

Mr.  FIKLD  Biiid: 

Mr.  hrKAKKu:  I  desiro  to  call  the  attention  of  the  ITotiso  to  a 
memorial  of  the  citizens  of  Detroit  jiresented  a  few  thiys  ajjo  by  my 
colleagtie,  [Mr.  Waldkon.]  In  presenting  the  memorial  my  colleagno 
said : 

1  ask  consent  to  present  a  memorial  from  tlie  citizens  of  Detroit  on  the  Hiibject 
of  the  cnrroncy,  and  I  take  occaMion  to  t<tate  tliat  it  is  Hijjned  by  uine-tenth.s  of  the 
merelianta,  miiuiifacturerH,  produce  dealers,  railroa<l  munanern.  and  vcMsel-ownors 
of  thateitv;  in  fact  every  nrancli  of  C4^)innierci:il  and  InisineHH  industry  i8  re])re- 
8ent«Ml  in  it.  Tlie  memorial  is  tlie  ex]>res8ii)n  of  nine-tiMitlis  of  the  iwtive  l)U8in(!S8 
men  of  the  city  of  Detroit,  and  1  believe  I  am  Justitied  in  .iayinj:  that  it  exi>resseH, 
in  the  same  proportion,  tlio  tmsiue-ss  sentiment  of  the  State  of  Miehi<;an.  I  ask  for 
the  reading  of  tiie  memorial. 

The  memorial  was  read,  an  follows: 

"  To  the  Hottse  of  llejiresentaHKen  of  the  Z'nitcd  States  : 

"We,  the  nndersigned,  citizens  of  I>etroit.  Ittichi^an,  respectfully  represent  toyour 
honorable  body  that  we  are  oppo.sedtoany  inflation  of  the  currency,  and  are  in  t'avor 
of  a  return  to  specie  payments  ijt  the  earliest  practicable  moment." 

Thin  HtatiMuent  8nr^)riM0(l  me,  for  90  per  cent,  is  nearly  tlie  whole 
part,  and  I  did  not  think  any  one  hundred  and  forty-eight  men  could 
tie  selected  wealthy  enough  and  great  enough  to  represcjit  90  per  cent, 
of  the  entire  business  interests  of  that  great  city.  Having  resided  in 
Detroit  for  many  years,  I  am  tolerably  well  accjuainted  with  the  gen- 
tleu>en  who  signed  the  memorial,  and  can  form  a  fair  o])iniou  as  to 
their  represr  tativo  character;  but  desiring  to  be  as  accurate  as  pos- 
sible, I  Inr*'  iibtained  other  information  with  the  view  to  ascertain 
whether  the  representations  of  my  colleague  were  true.  There  are 
148  signatures  to  the  memorial,  consisting  of  16  bankers,  13  lawyers, 
55  persons  of  unknown  or  no  special  business,  atul  64  business  men  and 
firms;  and  I  find,  instead  of  bearing  the  signatures  of  "nine-tenths  of 
the  merchants,  manufacturers,  produce  dealers,  r.iilroad  managers, 
and  vessel-oAvners  of  that  city,"  it  did  not  in  fact  contain  even  one- 
tenth  part  of  that  numerous  class  of  ])eople,  nor  <lid  it  express  the 
sentiment  of  one-tenth  of  "ti)<,' active  business  men  of  Detroit"  on 
the  currency  «|uestion.  I  fe.d  it  to  be  a  duty,  tlieref«)re,  to  correct 
the  statement,  particularly  a,H  I  have  since  that  time  rec-eived  and 
presented  to  the  House  a  petition  of  the  citizens  and  Imsiness  men  of 
Detroit  in  favor  of  an  increase  of  the  currency,  and  which  I  believe 
represents  tlu*  true  sentiment  of  a  large  majority  of  the  people  of  my 
distiict  upon  this  (jiiestion. 

My  colleague  not  being  a  resident  of  Detroit,  but  residing  in  the 


t 


villa^ii  of  IlilUiliiU',  !i1)(Mit  Olio  Iinndrtil  iiiilos  (lintaiit,  was  doiiUttoda 
iinpoHod  upon.  It  ih  not  at  all  likely  that  he  *s  acqnaiiiti^d  with 
all  tlio  parties,  nor  with  "every  branch  of  commercial  and  business 
industry"  in  that  city,  and  under  such  circumstances  my  colleaj?uo 
■was  easily  deceived,  and  no  doubt  unwittingly  made  tho  exaggerated 
statement  to  which  I  have  referred. 

I  do  not  make  this  correction  with  any  intention  to  impugn  the 
motives  of  the  gentleman  nor  to  intimate  that  there  wjxs  any  inten- 
tion to  misrepresent  or  overstate  the  imi>ortance  and  weight  of  the 
memorial.  I  have  jio  doubt  his  statement  was  made  on  the  repre* 
seutationsof  his  Detroit  correspondent.  So  much  for  that  memorial ' 
and  with  reference  to  others  of  the  same  character  presented  lior® 
from  New  York,  Ilostcm,  and  other  citieS;  I  have  to  say  that  if  they 
are  all  as  nnieli  exaggerated  and  overestimated  as  this  to  which  I 
have  referred,  I  warn  members  against  being  unduly  influenced  by 
them. 

Mr.  Speaker,  in  this  debate  w<^  have  heard  it  many  times  stated 
that  onr  greenbacks  are  dej)reciatt!d  and  that  they  are  below  par. 
The  gentleman  from  Connecticut  [Mr.  Haw'LKv]  stated  the  other  day 
that  greenbacks  were  12  ])er  cent.  beU)w  par.  Now  I  wish  to  contro- 
voi-t  and  deny  such  statements;  for  they  are  not  true.  1  a<innt  tliat 
gold  bears  a  premium  ami  fluctuates  with  the  jtrice  of  foreign  ex- 
change in  the  mark«;t;  but  I  deny  that  greenl)acks  are  below  par,  for 
tho  simple  reiison  that  th(»y  are  the  lawful  money  of  the  country,  an<l 
therefore  must  be  at  par.  If  it  be  true  that  greenbacks  to-day  are  12 
per  cent,  below  par,  then,  on  the  same  theory,  when  gold  coin  was  at 

00  per  cent.  ])remium  our  greenbacks  w<!re  50  per  cent,  below  par; 
when  gold  was  100  p«r  cent,  preuiium  these  greenbacks  were  wortli 
nothing — a  dollar  of  lawful  money  would  not  buy  even  a  wooden 
nutnieg.  According  to  this  mode  of  estimating  the  value  of  green- 
backs, when  golil  was  150  per  cent,  premium,  the  poor  man,  having  ten 
dollars  of  goo<l  greenbacks  in  his  pocket,  would  have  to  pay  iive  dol. 
lara  to  have  them  taken  oft' his  hands. 

1  have  received  a  letter  on  the  curiency  f(ue8tion  fjom  a  gentleman 
of  large  business  experience,  and  whose  views  npon  this  suliject  will 
have  great  intltience  in  this  House  and  throughout  the  country,  and 

1  send  it  to  the  Clerk's  desk  to  be  I'ead. 
The  Clerk  read  as  follows: 

"NYashixgtox,  March  24,  1874. 

Deah  Riu:  As  rownltul  in  tlio  CoxoRKf'filoxAT.  Kf.coki),  in  a  debate  one  day  last 
week,  au  honorable  Si-nator  inijniredof  iinothi'r  liononiblo  Senati"' why  io'<>*-'"l'*ifkn 
wore  lU  iHT  ctMit.  below  par,  and  after  repeating  tho  qiieatiou  several  tinuw,  he 
said  the  answer.t  wore  not  Matisfactoiy. 

This  reminds  me  of  an  aneedoto.  ITon.  S,ainnel  L.  Mitchell,  of  New  York,  a 
beamed  medical  professor,  was  accu9t<mied  to  ask  hia  studentJ*  to  propound  anv 
question  they  niightselect,  when  oneof  them  nsked  why  there  was  always  one  black 
sneop  in  every  flock.  The  learned  pi-ofossor  ininiediately  conimeneed  {jiving  what 
appeared  to  liim  as  aeieutiflc  reasons  for  the  fact,  but  which  did  not  appear  to 
satisfy  tho  students  if  they  did  himself.  At  the  close  of  the  lecture  one  of  the 
students  inipiired  if  it  was  a  fact  that  there  was  always  one  black  sheep  in  every 
flock.  It  appeared  that  this  idea  had  not  oc('urred  to  the  learned  proft;ssor ;  but. 
tf  be  sure,  he  immediately  wrote  to  a  ninuber  of  farmers,  making  tho  inquiry,  to 
which  fhey  all  replied  tluit  it  was  not  the  fact  at  all. 

If  the  Iciirued  pn)fe.ssor8  who  have  been  lecturinjt  on  political  economy,  in  both 
Houses  of  Conjii-oss,  on  the  assumption  that  greenbacks  were  below  par,  should 
inquire  ot  uraotical  business  men  if  it  was  the  fac*'.  they  would  receive  the  same 
answer,  ana  perhaps  receive  the  additional  information  that  12  per  ctnU.  difference 
between  greenbacks  and  gold  is  ea«v  to  caU'ulate  ;  but  when,  as  in  1h<>3,  the  differ- 
ence was  100  per  cent.,  and  there  ()eing  Imt  a  hundred  cents  in  tlui  greenback 
dollar,  the  whole  dollar  must  have  been  wiped  out,  and,  as  in  ISCA,  when  there  was 


f 

.9- 


i 


I- 

V 


•'^ 


1."iflj)rrr  nf.  iHiTi"i"iirt\  t!if  ;;r;>:''n1)nrk  mnst  lirivo  lioon  worth  just  fifty  •*''nt«  lon» 
tliaii  iiotliiiiu.  iH'iiuijiH  tlit\v  nii:;lit  tlini  inqnirt;.  wlitsi  it  tlollur  ^n-fiiWiu'k  wiiH 
iiltiirod  ill  i):iyiutMit  tor  tin  tirticlf  viiliK-d  at  fifty  <•"»*••'  'Hid  tin-  ^iiMMiltack  worth 
tifty  I'ciitM  l<'.s!i  Ihaii  nothing  l>i>w  tli<-  Iciknio'l  profi'HHorH  woiiM  iiiuVir  <  haii>;<\ 

]Vrliii|iH  th'i  miiiit:  bii.^iiD'H.s  iiu-u  iul.;)it  hI^o  fiii'iiixli  tiio  infiiriiintinii  tliut  iliiriit^ 
tlu<  wliule  tiiiiu  the  profimHoi-M  coiiHiilDr  tlio  ){i')H)iil)iickH  no  vvtirtiilfHs  tlicy,  the 
\)iisiiu<MH  ini'ii,  thu  iiii'ivhiuilx,  thii  im-clianifi,  th«(  iiiiiiiiifai'turi-rit,  tlic  fiirunT»,  hU 
ImlieviMl  they  wmtvi  ciOoyinj;  a  hiuhcr  mate  of  |)ri)Hi><M'ily  than  cvtT  Imfid'n  kiKiwu. 

Yon  will  iViiH^mhiT  thiit  8(Min  lift*'!' thi-  net  i>f  Ki'ltniiiry  2.'>,  li^d'j,  mukiuK  I'uited 
St4it«m  iiot«>H  11  li';;rtl  tt'iiiltT,  S<'i;rt!tary  (.'haiui  iiitM'hiiiiuMl  to  tim  world  llial  li.\  that 
art  K'lid  WU8  dt!iiioii<'ti/«'d — waH  im  lou^^iTiiioney,  btit  was  a  c«»iiiin<Mliiy,  au  article 
iif  iii(«r(')iaiidisi4;  toiiMt^iiiU'iitly,  lliat  law  ni.adi'  loyal-ttiudrr  jrrceubackM,  us  far  as 
law  could  make  them,  tiic  incaHurc  of  vnliio,  tho  moiictury  imr. 

ThiiH.  gold  biditK  ntcrchaudisc,  itM  price  can  no  moro  bu  tiic  )iar  and  Mt4Midnrd  nf 
vnliic  than  tho  |)rl<'o  of  lUinr,  the  price  of  cotton,  ur  tho  price  of  tobiu-co  can  bo  the 
monetary  i>ar  and  nicaHnrc  of  vufuo. 

That  fn"<'<'nbnck.s  are  the  nieamiro  of  value  wbh  aijniu  lo;;any  reco^id/.ort  by  tho 
law  authorizing  the  iHMue  of  national-bank  iiott-s.  redeeniubln  in  the  aforesaid 
V'reeidiacks;  thus,  lievond  i>eratl venture  ej^tahhsliiiiK  them  an  the  meuHureof  valno. 
Then,  doew  it  not  follow  lliat  tho  Vi  i»er  cent,  ditl'ereucc  is  ni>  mut^h  prendnm  on 
gold/  And  if  »o,  Hhonld  not  tho  ))ne!«tion  In?  reversed,  and  ask  why  is  ;;old  l"J  ])er 
cent,  above  par  /  To  which  I  would  reply  that  it  wa.s  made  ho  by  the  Ji«;t  of  Con- 
gress, 

You  will  remrnibor  that  the  bill  pas.«ied  tho  IIouso  of  Tloprespntative«  making 
the  national  cmdit  or  I'nited  KtateH  notcH  a  lejral  tender  for  all  )>ur]>o«eH  whatever, 
witiiont  cNcention.  I'ardon  the  expres.sion  of  oplnii>n  tliat.  ha<l  tnat  bill  liecomo 
a  law,  it  wiMild  have  IxH-n  firaiiieally  ini|M).ssible  for  irold  ever  to  have  risen  al)ove 
tlie  y»arof  «reenba<kH.  for  tiu-  reanon  that  all  the  troltl  in  the  <'.ountry  would  have 


been  on  the  market  without  buyer.s,  andthe  prosperity  of  ouriieople  nt  thcjtreMent 

■  ave  Hnrjiassed  any  ix^riod  in  our  history.     Ihit  tiie  {^old  niono])olist.s 

and  Shylocks  of  Wall  Street  t/>0K  the  alarm,  and  Haw  if  that  liill  pa.ssed  their  voca- 


time  would  hav* 


(ion  wa.s  gone,  and  came  down  ui>on  Secretary  (Jhaso  in  such  foi<!<)  and  annoyed 
him  with  .sucn  i>erHinteucy  a8,  he  said,  "almost  WiUTied  his  life  out."  until  he  con- 
sented, and  called  upon  Mr.  Fe.sHenden,  chairman  of  the  Committee  on  Finaiio 
in  tiio  Senate,  havint:  the  bill  in  chaiKP,  and  inducetl  him  to  modify  it  by  exceiiting 
that  the  interest  or  the  bonilH  authori7.ed  to  be  is.siied  by  the  same  act  should  be 
Daidinccdii;  and.  vo  nrocure  the  coin,  prohibitetl  the  receipt  of  said  le^ral-tcudcr 
money  and  retjuired  tiiat  j;old  only  Hhould  be  received  for  diitii'H  on  imports. 

To  that  extent  ConjjresH  repudiated  its  own  le;;al-tender  inoijey  in  tho  very  act 
creating  it. 

Reiinirinu;  all  importiiijc  merchants  to  pnrchiwo  ci'»in  to  nay  the  dutien,  at  .snch 
]>rices  iw  the  ^old  riiiji.s  iiiiiilit  tiiiiik  best  to  ask,  I  Hriuly  uelieve  is  tlie  principal 
if  iKit  the  only  cause  of  tin'  lU'emiuni  on  coin  ever  since. 

Ajiain,  those  favoriiij;  contiaction  and  immediate  resumption  of  specie  |)rtyiiient.«i 
arffue  lliat  the  greeuback  currciioy  must  be  contracted  still  further  to  brih;:  j,;old 
and  ciivrency  on  a  jmr. 

Is  it  po8sil')le  that  they  do  not  know  the  fact,  or  do  they  shut  tlieir  eyes  to  it,  that 
the  experience  of  the  last  ten  yt^ars  h.as  exploded  that  the(U'y  1 

Mr.  SlcCuUoch  contracted  the  currency,  a.s  he  proclaimed,  solely  for  the  imi^ioso 
of  raisinj;  fjt't'Pnbacks  U)  tho  p."."  of  ;;old,  and  failed,  as  follows: 

It  apjmars  fmm  olHcial  retunm  that  on  DecemberUl,  18(ifi.  the  amount  of  cuirency 
was  #l..')fll,787,7t'U;  Juno  30,  !«)!).  it  was  reduced  to  ^!»>?.Ge7,.'i:W,  from  which  it  a^^• 
pciirs  that  two-thirds  of  the  cuiTency  had  li«!en  called  in:  conseouently,  were  his 
tluMirv  correct,  the  ditlerenco  between  gold  and  icreenbacks  should  have  been  re- 
duced two-thirds,  when,  lo  !  it  stood  2  |>er  cenT  higher,  namely;  December  31, 
le)<)(),  the  premium  w^as  34  per  c<int.;  June  30,  18(1!).  the  premium  wiis  .36  i>er  cent. 

AKaiu,  as  evidence  that  tho  quantity  of  currency  docs  not  atlect  the  jirice  of  g(dd, 
it  appears  by  the  same  returns  that  on  June  30.  l,-«(j4,  the  amount  of  cunvucy  was 
S78(i,33i!,8;r);'  December  31,  18C6,  the  anumnt  as  aforesaid  was  if  I,571,78}.7e0 ;  just 
double.    How  st^mds  tho  premium  I 

June  30,  18(54,  it  sttK)d  at  158  jier  cent,  alwve  greenbacks ;  December  31,  1866,  it 
stood  at  34  per  cent,  above  greenbacks. 

Were  his  theory  coiTect.  it  would  have  been  3lfl  per  cert,  above  greonbacka, 
when,  as  above,  it  was  only  34  percent,    (.^tn  proof  be  more  positive? 

Again,  Mi-.  McCulloch  began  contractit.u  >)y  funding  fifty  millions  of  gijpenliaclts 
in  rtuo  week,  causing  a  stringency  iu  the  money  market:  but  the  price  of  gold  stood 
unmoved.  Many  more  coinjtarisons  of  the  same  character  could  be  given ;  but  do  not 
t  hose  facts  prove  positively  that  since  coin  w^a.s  demonetized  the  amount  of  currency 
has  not  affected  tne  price  of  gold  anymore  than  it  has  the  price  of  cotton,  tobacco, 
tlour.  or  any  other  commodity  depending  for  its  jirice  on  a  foreign  martot* 

If  the  fori'goiug  conclusions  are  correct,  it  dtjcs  not  follow  that  all  the  arguinents 


0 


I- 


of  theroiiirAf'liouUUuiitl  iin!iun1i.itu  re8iiiiiiiti»iiiMU  arc  williotit  foiinlatioii  hihI 
WAD'  fallai;i»w  ? 

lu  coiirhiMUin  I  would  nay  tliat  sliould  (Jouotivsm  iwlniit  tbo  lnt<<rroiiv«rlHtIo princi- 
ple, and  let  \iN  lt«  |><>riiiitt<*<1  to  exi'han^ft^  at  |ilc>aHiir«)  tw  riirrtMirv,  lH>th  Kt't'onhBokii 
ami  natidiial'hank  iiotitM,  info  <'oiivitrttT>lt)  IhiiiiIh,  tM^arlll|{  a  iiii>dt>rat«t  rato  of  hitcr- 
eat,  tilt'  lu-oplo  will,  ill  a  brief  Mpaeo  of  tiiii»*  liiiy  of  tbo  Treaaiirv  l>oi»art.m»<iit  n 
■iitnclnut  aiiioiiiil  of  Hiich  IioiuIh  to  tMiablt*  tho  Seurt'tarv  to  pnicliaHn  aiiu  caiuHd  th«^ 
whnlh  foreign  boiiil  iiidi-lit^'dinHM,  and  tliiin  not  only  r«4lii<t<*  tlie  rate  of  iiitiM'iwt,  lint 
at4)p  tlif  drain  of  coin  tliat  ((oi-rt  an  a  tribute  to  ciirli'h  foroi(;u  iiatloiiit  iwid  tu  Ini- 
povcrlali  our  own. 

Adopt  tbc  iiit<>rconvi>itlbK<  ptincijilo,  and  1  firmly  bcUi'vn  It  viU  act  liki^  niairic 
ill  iiifuMlnu  new  lift«,  eni-rgy.  and  a<tivitv  into  the  prostrate  iiidiiHtrieftof  our  pt«»ploi 
(tivo  employ  iiieiif  to  the  Mutteriii);  miltionM,  Mlart  the  MpriiiKx  of  le;.ritiniat))  enter- 
prise,  and  iui't'euMO  the  prodiH'tH  of  labor  to  hiicIi  an  extent  that  our  ««.\iMii'tH  will 
HOOD  exeeeil  our  ini]>oi  Im,  anil  ]iay  otl'  all  foreign  iiidebtediieMH.  wiieii  tlie  untold 
milliunM  of  (Told  we  have  Heiit  to  forciKU  nations  \\  ill  return  tu  enrich  mtr  own. 
&lutit  roMiietitfuIly,  yours, 

PLINY  FUEEMAN. 

lion.  M08K8  \V.  KiKin, 

Howe  of  liejireteHtatiM.i,  Wanhington, 

Mr.  FIKLI).  Now,  Mr.  Spcit  ;  t,  (iwiiijj  to  the  iiliiionni)l  condition 
of  our  tiiuh^  witli  Eiiropo  K"iJ*l '  eniiinMl  for  Hlii]unciit  tomittlo  foreijijii 
bnlanroH.  This,  tog»>thfr  willi  I  lie  <trniaii<l  to  .settle  «liiti«i8  on  ini]»ortii- 
tiotiH,  18  tin-cause  of  tlu«  pn>uiiiini  on  gold;  Jind  if  ('ongroHM  should 
autliori/o  gn-i'iiliiicks  tolx-  ivccivcd  ut  our  cuHtoni-liouHi's  in  paynuMit 
of  duties — )i  policy  I  »ni  in  favor  of — I  think  tho  prrniium  <in  gold 
would  fall  HO  that  it  would  apiMoxiniate  in  value-  to  gi(!t!nl)a<!k8.  A 
good  many  gentlemen  wlio  have  Biioken  hero  in  f;ivor  of  a  Hpeedy 
return  to  coin  paymentH  do  not  appear  to  eomitrehend  tlie  Hiibjoot. 
Over  one  hunilriHl  aets  of  the  liritiHh  Parliatnent  are  recorded  to  lix 
and  regiiliito  tlie  price  of  wheat,  yet  tins  price  of  wheat  in  tln^  Kng- 
li.sh  market  continued  as  "niLstalde  as  water,"  and  the  acts  of  Parlia- 
ment remain  upon  the  Htatutos  dead  ktters  and  iiseleHS  records  of 
impracticable  legislation;  and  so  it  will  he  repeated  in  this  country 
should  ('ongress  attempt  hi/  law  to  regulate  or  reduce  the  price  of 
gold  coin  in  the  o])en  market,  or  force  it  into  circulation  while  the 
tleuuunls  of  our  creditors  in  Europe  exceed  tlie  jnoductiou  of  the 
precions  metals  from  our  rich  mines. 

The  piiee  of  gohl  is  fixed  hy  the  "  higlier "  law  of  "  demand  and  su])- 
ply.''  It  is  tlierefore  clear  to  my  mind  that  in  order  to  rediict^  the  ]iiv- 
miiim  on  gold  ami  an.sure  "Hp<>cie  ])ayment.s"  two  things  ar»>  aliso- 
lutely  iiidispensahle,  to  wit,  first,  to  lessen  the  demand  for  gold  coin  : 
second,  to  secure  a  large  su])[)ly  of  the  precious  metals.  Our  markets 
sliould  ho  glutted  with  gold;  and  the  (juestion  is,  )u)w  can  that  con- 
dition ho  reache«lf 

If  gentlemen  really  want  "a  return  to  specie  iiayments  at  the 
earliest  practicable  moment,"  why  do  not  they  proceed  to  secure  that 
condition  in  a  philosophical  and  iiractical  way?  Pa^s  two  hills  1  have 
introduced  (H.  K.  No.  21.57  and  11.  R.  No.2r>31 )  and  specie  will  become  so 
redundant  hero  Avithin  two  years  that  it  wi  11  ho  a  drug  in  our  markets. 

The  first  bill  provides  for  an  increase  of  the  currency  by  the  issue 
of  greenbacksin  exchange  for  interest-bearing  intcroonvertiblc  lJnite<l 
States  bonds,  and  makes  greenbacks  a  legal  tonder  for  all  purposes, 
including  duties  on  imports.  This  act  wouhl  prevent  tinancial  ])anics, 
emancipate  labor  and  promote  tho  prosperity  of  the  Avludt^  people. 
The  other  provider  for  an  increase  of  the  duties  on  imports,  or  tax- 
ation ou^oreign  productions.  Should  this  bill  become  a.  law  it  would 
turn  the  balance  in  foreign  trade  in  our  own  favor,  and  draw  tho 
rvrecious  metals  from  Europe  to  enrich  the  people  of  the  I Tuited  States. 
Tho  ocean  steamers,  instead  of  taking  out  $2,00(),(K»0  in  gold  every 
week,  would  bring  into  our  ports  a  'iiuch  larger  sum,  for  the  lialances 
iu  foreign  trade  regulate  and  cohi^-jI  the  muvomouts  of  gold. 


i 


I'lisH  those  two  Ijillrt,  find  I  will  >;ivfl  homls  witli  jfiMid  BPcnrity  t.hat 
ill  l«'H«  than  thl^'^o  ypuruoiu-  gold  coin  will  fall  htdow  tho  par  of  greon- 
bai'kH  in  tht)  o])<>ii  market. 

I  Biini;«'8t  this  'u  hfiiio  for  tho  t'on8l«loratioii  of  thf  Honwv  It  will 
HOfliiro  tTu5  oljjoct  with  cortainty,  and  tho  pooplo  of  tho  ITuitud  Htatv8 
■will  not  bo  iniiirod  in  carryinj?  tho  plan  into  oporation. 

It  is  urf^ed  tiy  Honio  i^ontloinon  in  tuiH  diHonHMion  that  an  incroaHO 
of  tho  cnrroncy  wouhl  promote  **Hpooulation"  and  "overtrading?." 
Ni>w,  sir,  how  hnn  it  hotni  in  thopaHtT  In  ISiVy,  whon  wo  hiul  over 
$'2,0{»0,(KM),0(X»  of  cironlation,  tho  ]>eonlo  woro  in  tho  habit  of  l»ayin)? 
down  in  cash  for  nearly  everything  thoy  bonght.  That  w  as  tho  prac- 
tice of  tho^countiy  at  thnct  time,  and  the  cre<lit  syNtem  waH  alnumt 
entirely  wiped  out ;  and  I  Hiibniit  tliat  when  people  pay  in  oanh  on 
tho  spot  for  wluit  they  buy  ihtir  in  no  HpecuUition  and  no  overtnulin<j  in 
tho  operation. 

It  \H  jiMHertod  here,  too,  that  an  IncroaHO  of  the  (•nrrency  wonld  in- 
flate prieoH.  Now,  sir,  I  wish  to  call  the  attention  of  the  House  and 
the  conntry  to  the  fact  that  in  18G8,  when  wo  liad  over  1$.«^(K»,(M)0,IHK)  of 
currency  in  circulation,  tho  priceH  of  oichty-fivo  staple  or  leading 
commoiiities  in  general  use  wore  actnallyiower  in  tho  aggregate  than 
the  jirieeH  of  tho  same  commodities  in  September,  lH7:i.  Meanwhile 
our  circulation  was  contracted  over  ^lOOjOC'.OOO.  This  fact  is  shown 
by  the  Report  of  the  Bureau  of  Statistics,  (see  re]>ort  on  linancos, 
page  f)'2(»,)  and  I  send  to  tho  reportei-s  a  tabular  statement  of  prices, 
and  ask  that  it  bo  printed  in  the  KkcoUD. 

(omixirdtire  Matemcut  Hhmcinfi  the  pricru  of  staple  art'uleH  in  the  Xew  Yoric 
market  at  the  heijiniiinfi  of  Sipietnher  in  the  i/ears  l!*(jH  and  IST.i. 


'       i 


Articluit. 


IJrcunlstiillk  : 

>\'heut,  noit lioni i»er  buHbol . . 

•w<'Ht«'rii do 

lJy«\  woHt^rn do 

Corn,  western do 

Oats. do 

liiuley do 

Wheat-Hour,  suportlnc p»>r  Imrrol. . 

New  York  State do 

westi^rii do. . . . 

southern do 

Kye-flour do. . . . 

Coni-mi'al do. . . 

t'(«xl,  anthracite jicr  ton.. 

Cotfee,  Kio per  jiouwl . . 

San  Domingo do 

Java do 

Coppor.  Aniericnn  ingot do 

shoathini: do.... 

Cotton,  low  iniililling do 

middling do 

Fii'h : 

Mackoi-el,  No.  I  liny )>er  barrel . . 

No.  a  Day do 

irerrine ' do 

Drv  cod per  cwt. . 

Flax,  American per  pound . . 

GlasjM,  American  window,  8  by  10  ft. per  50ft. . 

French  win<low,  8  by  10  ft do 

Gunpower,  ritie per  '25  poundH. . 

bla.stinK-powder do. . . . 

niilo.'*,  dry,  IJuouos  A  yres per  pound . . 


■itipteinlM 

Br,  18fi8. 

Scpteinbe 

r,  1873. 

n  30  to  ti  35 

$1  70  to  tl  75 

1  75 

1  !M> 

1  *iO 

1  *>5 

1  40 

1  00 

!15 

97 

1  to 

1  83 

«I2 

«<! 

HI 

83 

44 

4«4 

2  00 

a  25 

1  30 

1  4-> 

7  00 

8  00 

5  (>0 

(i  10 

8  (K) 

!)  110 

6  85 

7  15 

8  00 

8  85 

6  75 

7  00 

8  75 

9  7j 

9  00 

10  25 

7  (H) 

!l  75 

5  20 

5  65 

5  75 

(5  75 

3  00 

3  40 

6  50 

7  M 

4  75 

5  45 

IfiJ 

16J 

2-Ji 

224 

14 

Hi 

Hi 

21 

2:1 

24 

2.  J 

•M 

40 

33 

33 

38 

27* 

28J 

l!>.i 

19  J 

30i 

20i 

2(IJ 

16  00 

Ifi  00 

17  00 

13  00 

13  00 

14  00 

«  00 

9  66 

3  ,50 

6  00 

7  00 

7  75 

=  ?t 

6  75 

1« 

24 

19 

4  75 

0  25 

8  25 

10  75 

fi  25 

8  r>o 

8  25 

10  75 

3  50 

4  25 

4  0<t 

4  OO 

3  75 

20 

asj 

20 

37 

8 


ComjHirulive  atatmiu-nt  xlunnug  the prkin  of  ttaple.  artkkt,  .Jfr. — C!oiit'»l. 


Artiulc*. 


mdM,  dry,  Illo  D  ruiide per  pound. 

('iiliforiiUk «lo... 

Ilona,  A  mericiin do. . . 

1  naiKO,  Munllu do. . . 

Iron : 

I'iR,  Amoiicnn,  No.  1 per  ton.. 

.Sfofrli,  No.  1 ilo 

IJar,  romiiion,  Kiit{li«h do..., 

retiuMl,  fiiit{liHli «lo 

■SwimUh') do.... 

EaIIm,  Aiiifi  icnn do..., 

F^iiijl  oil  do 

\,cw\,  pig pur  UK)  poiimlM.. 

LeuttiiT,  soKv  oak ikt  ]i(iiiiid. . 

h  -tnlock do 

LiqnorH ; 

I)oiiit>Htio  wi'luky per  (;nll<>ii. . 

MolttdSfH,  niiiHcoN  aili) do. . . . 

Cuba,  <'Ih.7(mI ijo 

New  Orleaii.'  fair  to  j;(kk1  . .  .ilo 

Noil.*,  nit per  100  p<mu<l.H.. 

Naval  utorpn; 

fSpirito  tm-pintine . . p«<r  iiallon . 

liusiii,  coiiiniiiii {mt  oani>l .. 

Oll.olivp,  in  Clicks per  j^ullou.. 

liiiHiTil,  In  cii.-l.rt do..., 

Hpenii,  mill*' do 

PaiutM,  American  red  li-ud per  pound . . 

wliite,  in  oil .do. .. 

retrolcntn,  crude iwr  gallon . . 

rvtim?d  do 

Piwirtions : 

Hcef,  mesN,  plain  to  extra — per  barrel.. 

I'ork,  nifHH.  wesU^rn do 

Haum,  pic  kind per  i)onnd  . 

Shoulders do 

Lard,  western do 

liuttiT,  western do 

New  Vork  Slate do 

Cheese,  we8teru do . . . 

Bioe,  Carolina,  fair  t(>prinje..p(^r  100  ix)und». 


Salt,  LiveriKM)!.  ^rouud p«  i  sack . . 

Turk  «  iHland per  IiuhIicI. 

Seeds,  clover i)er  ponnil. . 

tlniotliy Jier  liiiHliel. . 

Sugar,  Culia,  Velining per  ]Kiund.. 

Havana,  wliite do 

Tallow,  American,  fair  to  prhuo do 

Tea,  Young  Hynoii do 

Oolong,  .superior to  tiuo do.... 

Souchong do 

Tin ,  Banca do 

Tobacco,  Kentucky  leaf do 

Havana,  '('oninion do 

■\V'ool,  American.  Saxony  fleeco do 

extra  pulled do 

South  American  merino do 


Total , 


t)«pt()mb«r,  MM. 

SepUmber,  1873. 

»0  'jOi  to  to  121 

•0  at  to  «U  97 

IH 

l!tj 

2I| 

St5 

V^ 

40 

.T) 

43 

70 

95 

70 

H74 

40  00 

4'J  00 

42  00 

45  00 

\.\  m 

4,".  00 

43  00 

51  00 

no  (M)     . 
«)  00     . 

H2  50 

t<5  00 



90  00 

IXt  00 

f^n  00 

l.Vi  00 

^1  (Kt 

175  00  . 
75  77 

77  00 

:^\  ftO 

h-i  .V) 

05  (HI 

OH  00 

0  -M 

6  H7i 

0  i»7 

7  00 

3H 

44 

3ft 

42 

al 

30 

a«i 

271 

CI     . 
40 

1  10  . 
2!» 

.•53 

40 

M 

40 

»>M 

35 

70 

85 

58 

Pri 

.')  i>,'> 

5  '45 

4  50 

4  75 

4;i 

431 

■\^ 

•       44 

2  7.5 

2  75 

3  1.'. 

3  2.'i 

a  •^:^ 

2  40 

1  15 

1  25 

1  (Hi 

1  OH 

01 

!»2 

1  -.% 
II 

1  HO 
U 

1  50 

0 

94 

It 

SKI 

:)0i 

4  00 

14 

12 

1? 

f*  00 

4  00 

7  00 

25  7f» 
Itii 

20  00 
184 

17  75  . 
13 

14 

1^1 

14 
1!)} 

*i 

II 

Ml 

33 

15 

17 

;».% 

39 

29 

:io 

14 

16 

8J 

13i 

9  00 

10  25 

8  75 

!)  :^^) 

1  7ri 

1  80 

1  40 

2  30 

4H 

48 

32 

35 

14 

^^ 

!»1 

t'i 

3  (K» 

3    25 

3  75 

3  90 

It's 

lOj 

H 

ti 

14 

15 

10 

11 

1-21 

13J 

*k 

^h 

85 

1  05 

48 

CO 

l>5 

1  20 

35 

65 

!H» 

1  05 

40 

55 

10 

^» 

35 

is 

15 

7.'> 

85 

75 

1  10 

40 

52 

.50 

53 

40 

44 

40 

40 

ao 

34 

27 

33 

r:34 

01 

«737 

79 

■i 


Aggregate  of  i>rico8  in  le6ti  boing  |;i.78  less  than  tho  aggregato  of  1873. 


■  * 

'i, 


I) 


Mr.  Hpoiikcr,  I  jiwk  pMitlfiin'ii  tt»  «>\ainitu>  thiH  HtatrnxMit  with  rnn*, 
iiikI  I  (Jill  att«-iitiiiii  to  tli<>  fiK't  tliiit  tli««  ii^^ri'^att'  of  tlu-  <  i^lity-tivu 
(■DiiiiiiiKliticM  ill  iHtiH  is  )^t,7H  1«>HM  than  tilt'  a^^n-^atf  coHt  ot'  titr  laiiin 
coiiiiiiiHlitifN  III  1H7;{,  wlu'ii  our  niniMu-y  wk.h  hi»  contracfiMl  tliat  tlicro 
wiiM  not  (•iioii;ili  ill  tlu'  comitrv  '*»  l»ay  llu- iiit»'riial-ri'Vi'mn'  ami  Slat*', 
<-oiiiit,v,  aii«i  iiiiiiiiri]ial  taxation  of  tin*  riiit<-<l  Stat  oh  for  a  Hin^li^  y«'ar. 
Ami  tlio  a^^if^ato  (»r  tlin  pricrH  of  tin- coininotlitit'H  (•iiiniicruli-d  in 
tlin  foi<>noiiin  Niatcnifiit  In  SipttinilMT,  lH4»ri,  wln-ii  tin-  volimu'  of  tho 
furrenry  wa«  f'i,Ul,t>7H,t(H0,  wiut  only  illXHrt  nioro  than  tlu'  a^jfn'jjato 
cost  of  t^^^  Hniiu'  coiiinioditit'H  Mt'ntemlMT  1,  I'^Il,  a«  will  apprar  l>y 
tho  ii'port  of  the  Hiiniin  of  StaliMtiis,  (report  on  tho  fluaiifCH,  pau^ 
.'VW. )  M»<uii\vhi!fl  tho  volumo  of  tho  cuirmify  hutl  lu-eu  contrn«'t«'il 
over  !S(1,:»(KI,(MH),0(K). 

Mr.  .Spt'akor,  it  tliiiH  a|)]u>arH  jdain  that  the  qnniitity  of  onr  lawful 
money  ill  circnlatjon  has  no  otlVct  upon  tlu^  prin-H  of  tho  <lonioMlic 
proiliictH  cxchangiMl  liy  tho  iiihahitantN.  1  Hhall  not  iiso  tlu;  word 
inllatioii,  for  it  is  not  «mr  ih'«iro  tuillllat<^  tho  ciiiTonoy.  \Vo  advooato 
an  iiK  roa.so  by  taking  in  larp-  hoiiiU  aii<l  puttiiij{  out  an  otpial  anioiiiit 
of  Hiiuiil  bonds  tallod  ^loonbaokH,  and  tloro  in  no  intl.ilion  in  this 
oxoliaiiico.  Wo  siniply  lako  in  a  oorfain  hiiiii  of  tho  national  ondit 
in  one  niriii  and  imt  it  out  in  another  form;  and  we  ^ain  Homothing 
in  tho  operation  in  t]\it  rodm-tion  of  tho  intt  lest. 

'J'ho  jjoiil Ionian  from  Now  York  [Mr.  Cox]  had  the  dispoHition  tho 
othoiday,  for  jdoaH.iiitiy  I  HUjtpoHo,  to  otVer  an  ameiidmont  to  the  bill 
rojiorted  liy  the  C.immittoo  on  Kaiikin;;  and  (,'iirrency,  piopoHinj;  to 
make  evory  )j;nionbaok  dollar  now  in  oiriiilatioii  throe  (lolhiirt.  Tho 
contraotioniNts  and  pdd  worshiiurs,  failiiij;  in  aryinm  nt,  now  resort 
to  HnooiN  and  throatH  of  war  ;  but  those  w!io  stand  up  here  and  advo- 
(•at«>  an  ineroaso  of  our  ourrency  oaniiot  be  iiitlnoii<«'d  or  intimidated 
by  threats  of  war,  nor  by  attempts  at  bnilesiine  or  riilionlo.  I  ;;raut 
you  that  an  not  of  Coiifj'rosH  undertaking  to  niako  one  dollar  eqiiiva- 
loiit  to  throo  would  bo  a  wicked  and  Nliamoful  inllation  of  our  cnr- 
ronoy;  but  whou  w«i  i»i«)pohe  to  withdraw  iiiterost-beariiij;  notes  aii<l 
isHiio  instead  iioii-intorost-boariii}?  notes  lor  an  ofpial  amount,  it  can- 
not be  called  inllation. 

Diir  contractioniHts  anniso  tln'iiisolvos  by  talkinj:;  of  what  they  call 
tlio  (lovornmont  papor-millandiirintin^-pross.  One  j^ontlonian  snecr- 
injjly  said  it  wiw  jiroposojl  to  grind  out  jiaiicr  l"<»r  the  winds  io  blow 
over  the  c'»>nntry  that  the  jieoplo  may  catch  it  and  use  it  as  money. 
Now,  sir,  thoHo  contraotioiiists  know,  as  every  jilowboy  knows,  that 
when  tho  Secretary  o|>  the  Treasury  pays  out  greenbacks  In-  paVstliem 


out  for  something,  for  material,  for  services,  for  i»ublie  works,  and 
for  V 
fool  i  si 


for  value 


iometning, 
!  received; 


therefore  this  pa]»or-iuill  talk  is  meaningless  and 


Mr.  Siioaker,  we  have  hoard  a  great  deal  said  here  about  "  a  coin 
baHis."  A  groat  many  gentlemen  herefrom  New  England  are  clamor- 
ous for  what  they  call  "  a  coin  basis"  for  our  currency.  You  know,  Mr. 
Speaker,  that  "we  have  never  had  such  a  thing  in  the  country  as  e«»in 
payments  or  coin  currency.  Prior  to  the  issue  of  greenbacks,  win-n- 
ever tho  demands  of  foroignera  called  for  a  little  coin,  sav  fl7,000,0()0, 
or  $10,000,000,  or  .'8i5iO,000,00(i,  the  liction  and  swindle  ealle«l  specie  jiay- 
meiits  was  made  apparent,  and  at  such  periods  revulsion  and  general 
disaster  and  bankrui»tcy  was  the  inevitable  and  invariable  conse- 
quence of  what  is  now  called  "a  sonnd  basis."  The  eyea  of  onr  pi-o- 
l)le,  through  sad  experience,  have  been  openo«l  to  the  swindling  mock- 
ery and  snare  called  specie  basis,  or  one  gold  dollar  kept  in  the  bank- 
vuults  to  redeem  five  dolhu's  in  bank-notes  on  demniul.     What  is 


termed  a  j?"l'l  biwia  or  coin  payiiientH  ih  a  scheme  or  dovice  enabling 
baukorH  and  itioiH'y-clianKci'H  upon  »'a<li  on<?  dollar  of  tlii-ir  yold  to 
Ihsuo  tliroo  dollaiH,  four  (lollars,  five  dollarH,  or  ten  dolIarH  in  tlieir 
paper  currency — their  own  credit. 

Now,  of  coMTHe  the  banku  cannot  pay  in  coin  the  whole  annmnt  of 
their iHwne  Oi:  iioten,  and  tlierefore  whenever  j^enoral  deniandHareina<le, 
only  one  in  three  or  four  or  ten  according  to  the  ratio  of  coin  to  cir- 
culation could  get  anything,  other  liolderH  get  uothing ;  neverthelcHH, 
while  the  confidence  of  the  coniinnuity  continues  to  keep  the  bank- 
noteH  in  circulation,  and  no  demand  is  made  for  coin  from  ourcre»lit- 
ors  in  Kuroi)e,  there  is  no  trouble,  and  tht*  oonJUiencc,  arrangement  ruim 
smoothly  enough  and  attracts  very  little  att(*ntion.  But  the  moment 
a  great  failure  hapi»ens,  large  enough  to  create  a  shock  to  private 
credits,  like  that  of  the  Ohio  Life  and  Trust  Coni[»any  in  1857,  or 
Jay  Cooke  &  Co.  in  September,  1873,  or  whenever  a  large  amount 
of  coin  is  required  to  ]>ay  debts  in  lOurope,  the  l)anks  break  with  a 
great  crash,  panic  eusues,  carrying  all  bcfoi'e  it  into  bankruptcy  aiul 
wi<le-8pread  ruin. 

Here  is  the  lesson  of  our  experience  with  the  common  but  dreadful 
delusion  aiul  ^alle*!  "  specie  basis"  or  specie  })ayments.     We 

have  tried  it  \  d  luive  as  often  been  hnmlnigged  and  ruined 

by  it ;  and  the  sys.  i  still  exists  in  England,  resulting,  as  you  know, 
in  at  least  one  great  tinancial  panic  every  ten  years.  And  yet  gentle- 
men spend  hours  here  in  praising  and  extolling  ii  system  which,  to  i  il^ 
say  the  least  of  it,  is  defective,  and  often  out  of  joint.  They  "long 
for  it,"  and  grave  statesmen  stand  u]i  here  and  say  we  should  '■'prepare, 
our  hotine  for  the  dreadful  erent.^'  Always  insisting  that  wo  should 
"  look  toil"  and  *'fix  the  time  for  it  "  they  talk  incessantly  (»f  the  neces- 
sity of  jireparing  for  a  hard-money  basis  for  our  currency,  but  they 
uerer  tell  vh  ivfnf. 

Is  it  not  singular,  Mr.  Speaker,  that  during  this  long  debate  no  gen- 
tleman has  told  us  ivliy  he  wants  a  coin  basis  for  our  currency  ?  It  is 
always  assumed,  but  none  tell  us  why 

Now,  in  providing  money  for  the  peo))le,  my  opinion  is  that  if  this 
Government  must  abandon  the  use  of  its  own  credit  and  hire  bankers  to 
issue  money  for  the  peoid<'.,  I  do  not  want  a  gold  basis  of  one  dollar 
for  thr«H)  dollars  of  bank-not<\s.  I  prefer  a  Glovemment  bond,  dollar 
for  dollar.  Government  bonds  to  cover  the  whohi  issue  are  a  better 
basis,  in  my  judgment,  than  any  coin  swindle  that  has  ever  been 
<levi8ed  in  any  country.  Some  people  have  an  idea  that,  as  we  have 
now  suffered  for  live  or  six  months,  it  W(mld  be^desiralde  to  suffer 
a  few  mtmths  longcsr  and  ciune  down  to  what  they  call  "  liard-pan." 
They  wish  to  "  touch  bottom,"  and  then  realize  the  fiction  of  specie 
payments. 

hut,  sir,  sii])i)ose  Congress  shoultl  ord<ir  specie  ]>ayments  next  month 
or  next  year.  The  Treasury  might  start  the  business,  but  it  would  not 
last  ten  days.  Our  cro<litors  in  Eiiroj)e  would  soon  glean  from  us  the 
coin  we  possess,  and  that  would  end  the  farce  of  attempting  what  we 
have  not  the  means  to  carry  out.  It  would  only  put  a  little  more 
money  into  the  poi-keta  of  the  merchants  and  capitalists  of  Kuro.>e 
who  have  claims  against  our  merchiints  and  hold  our  State,  nninici)>al, 
and  railway  bonds,  the  prino)]>al  and  interest  of  which  are  now  pay- 
able hero  in  lawful  money.  They  would  then  collect  gold  instead 
of  greenbacks,  and  therefore  specie  payments  would  give  great  satis- 
faction to  all  our  creditors  in  Europe. 

Now,  Mr.  Speaker,  why  shoubl  we  wa«te  time  in  making  useless  and 
visionary  plans  about  resumption  at  the  present  time  f  The  Govern- 
ment— the  sovereign  power — provides  money  for  the  i)eople,  and  Con- 


u 

Riesa  (let«Miuin('s  what  hIiuII  l»fi  le<?iil  tonder  ai»l  lawful  money  to  iiiiy 
(i«5l)t8  within  the  cotmtry.  It  is  not  the  huaiin^Hs  of  Con^reuH  to  nnaer- 
take  to  ■ereate  money  for  tho  people  of  other  nations,  and  our  money 
irt  not  made  for  iho  convenience  and  use  of  tl»e  inhahitants  of  other 
countrit'H.  I  have,  even  in  Cuha,  otl'ered  our  gold  coin  in  payment  for 
Itreakfast  at  a  country  inn,  and  heen  insulted  and  treated  as  a  swiiuller 
for  80  doiuff.  I  had  to  exchanj^e  my  American  fjjold  for  Spanish  coin 
hefore  I  could  continue  my  travels  in  the  West  Indies, 

Now,  money  is  for  domestic  uses,  and  nnne  than  a  thousand  (hdlars 
!ire  employed  in  domestic  exchanges  and  settlements  where  a  8in<;le 
dollar  is  required  for  foreij^n  trade.  Why  should  we  overestimate 
foreijjn  ti'ade  f  Wliy  should  we  inconvenieiu'o  oui-selves  and  make 
taupers  of  the  American  p(n»i)le  for  a  fanciful  idea  or  to  please  E'lp;- 
ishmen  and  othe.s  ac  "oss  the  Athmtic  ?  1  think  we  shall  have  per- 
forme<l  our  duty  when  we  provide  a  uniform,  stahle,  and'elastic  legal 
tender,  lawful  moiuiy,  for  tlie  people  of  the  United  States.  Our  green- 
backs are  tlm  jH-oplc^n  monvi/,  and  the  best  money  we  ever  had. 

They  call  it  irredeenmble,  but  did  you  ever  hear,  Mr.  Speaker,  of 
lawful  money  being  redeemed  f  It  is  nonsense  to  talk  of  money  being 
redeemed.  It  is  well  enough  to  talk  of  the  redemx>tion  of  naiional- 
baiik  notes  or  bank  rags  ;  but  the  redemption  of  our  legal-tender  law- 
ful money  of  the  United  States  is  not  required,  and  t\w  jieople  will 
not  acquiesce  in  the  attempt  now  being  made  by  bullionists  and  bond- 
holders to  extinguish  our  greenback  nu)ney.  The  greenbacks  are  our 
lawful  money,  and  they  pay  the  debis  and  mortgages  of  our  people 
and  settle  all  exchanges  here  at  home.  A  full  legal  tender  does  not 
require  any  redemption,  because  there  is  nothing  superior  to  it. 

Wliy  do  not  our  red(>mptionists  and  contractionists  insist  upon  tho 
redemi)tion  of  our  gold  eagles  and  our  alloyed  silver  and  nickel  coins  f 
Our  coins  contain  more  alloy  than  tlie  (;oins  of  Great  Ihitain;  and 
you  know,  sir,  that  the  actual  value  of  niet.'illie  coins  in  other  coun- 
tries de]>ends  wholly  on  tho  (piantity  of  alloy  with  which  each  nation 
debases  its  coinage.  I  have  i)re])ared  two  statements,  which  I  will 
submit;  the  first,  showing  the  changes  which  have  been  nuido  l)y 
Congress  in  the  weight  and  fineness  of  Ameu(;an  coins  since  the 
establishment  of  the  Mint  in  178() ;  tlie  other,  exhibiting  the  weight, 
fineness,  and  value  of  foreign  gold  coins.  I  think  tins  statement  will 
convince  any  unprejudiced  mind  that  there  is  no  such  thing  in  fact 
as  "the  mouthy  of  the  world,"  as  there  is  no  uniformity  in  the  quality 
or  fineness  of  gold  coins  ,  but  these  conilitions  depend  wholly  on  the 
caprice  of  each  nation  and  subject  to  the  changes  of  the  sovereign 
or  national  will.  There  are  other  difficulties  to  be  overc<uno  bcjfore 
any  *' uniformity  "  can  be  obtained  in  the  "money  of  the  world"  in 
the  diverse  moneys  of  account  established  by  tlie  laws  of  each  nation. 
In  the  Ignited  States  the  dollar  is  the  unit  of  Federal  money.  (Act  of 
Congress  July  (1,  1785.)  Great  Britain  adheroa  to  tho  pound  sterling, 
and  the  states  of  the  Latin  monetary  union  (France,  Belgium,  Switz- 
erland, and  Italy)  to  the  franc.  Germany  has  provided  for  a  new 
monej'  of  account  with  the  mark  as  tho  unit,  being  of  tho  value  of 
23.82  cents,  while  Denmark,  Sweden,  and  Norway  have  established  a 
new  money  of  account  with  the  crown  as  the  unit,  and  represented 
l>y  line  gold  of  the  A-alne  of  2().798  cents  in  Ur.ited  States  nnmey. 
There  can  be,  therefore,  no  harmony  or  "  uniformity"  unless  all  na- 
tions adopt  i>ne  unit  or  an  international  money  of  account  with  a 
iMiiform  standard  of  fineness  or  quality  of  metal,  and  that  event  does 
not  appear  at  all  probable.  The  fineness  and  alloy  in  this  table  are 
expressed  in  thousandth  jiarfes,  1.  e.,  so  many  parts  of  pure  gold  in  one- 
thousamlth  parts  of  the  coin. 


"•■»JJ1J»[||/^.  .l^|W.(i|.limi,i|.p;j||l^yil|l|i. 


12 


S 


5 


t5 

o 


00 


S 


Hoi 

=<5 


P 


a 


.2  I 


.a 
OS 


>H  a 


fee 


1^ 


a  ? 


a  * 
f>H  a 


to 


•gii 

is 

3 
•-9 


.3  1 
;><  a 


"S 
C5 


Ph  a 


it 


t2 


a 
o 
+-» 

«5 

.3 

a 

o 


Wx^^^ 


SSS3 

-i  3V  C*  C; 


3  X  X  p  •■ 

•^  r-^  iS  *(  -J 


5 


!3 


1  c;  o 


I?  5?  5? 


qo  55  ■^ 


!0  -ii  -jS 


c3rH  ■ 


s   g 


ci3'   rt-   i*  S° 
5i    S    '    ^ 


1"  1*    •»•    ■>*"   f 
II   l!   i   g^ 

ft.-  -X)        X-       3d       00 


5J5    ^    ^    S 


gsssss 

O  O  ifj  IN  CO  r-l 


8S     1:1      S 


9 

o 


^ 
« 


5«  JC   3..S  O 


'  o 

pa 


IS 


CS 

a 


a 
S 


£a 


.2-3 

1-  a  a'T'* 

-«  *  *-S-a 
.ii  3  ^  «  a 

*"  'r^  *-j  *->  tS 
,_;  .  •  a  a 
?a  a  S  8 

-"«":%  ^- 
=  g  g  * '' 

.  ^  *j  B  a 

a  a  a  S  9 
§  «  1  "  o 

U     ^     -    i-     (H 

t. «- 1.  i  £ 


.  C 

- "  X  ii?  !? 

'*  X 
IX 

.,  C 


i  -• 

■  s  s 


h2  §  £  S'.S 


■•^  ^     Q     *     ^  -* 


a;S^S  «<j 
a  tf.Si  ««.'S  J3 

•^  rj  a*  0*  s 
I  ^  >*  !*    .. 

•  *  s  "^  "  -  ^ 

^  c4»»H  .rt  <i  O  ~ 

"H  «!        ;^  u  cS  -S 

^    >>  O  "    >!  » 

*-.  a-..=  ^^ 
•na|3:£s3 


cii 
of? 


43 


■■^ 


v^  3 
05 


"5" 


ca 


8 


« 

a 

s 

a 

■^ 

"?• 

a 

f 

1 

•— * 

a 

C 

V 

fi 

■ti 

C  «  ■*  >rt  »  t  X  X   i  fi  S    £  Ti  ,-5  o  ,,  _  -,  „  ^  ,,  ^  ^  „  ,,  ^,  ^  ^  „  J,  ^  ^  ^  ^^  ^  ^  ^  ^^  ^ 


^ 


l"5  O 


|sllsl52ls=l3liiiiiigiiig2]siiiiisgiis|§: 


:  3-.  ci  Ci  ^.  r.  ij  V.  X  x  x  S  t.  S  j.  5.  S  ?,  r.  t.  i  '-. 


5  S  "3  r3  2  S  S  ''  -  2  S  ■£  '"5  ?■  5  ■ 
>  *  V  V;  B  K  K  ^  S  2  Z  i  S  5.  ?.  i 


i  =1 


g 


s  T  "  'I '! ': "  =  "^  "^  '^  '^  *'  *' ''  *'  -^  -'  -^ « 55  -^  =  ^  £  -  35  o  o  a  ?.  ??  5  !r< ;: «  S 

w»  =  c>oddo'dds6ddd=5dod6do^->«-«o"o.^ooe5ds>s>©d»o 


14 

Mr.  FIELD.  Mr.  S]H'(iT<cr,  I  invito  the  attention  of  gfiitloiufn  who 
clamor  for  jjold  coin,  or  uiiiit  llicy  call  lht>  ainform  and  "rocogniziHl 
money  of  the  world,  to  the  "  uniform"  faMhion  of  kin^s  and  princos 
to  injt'ct  alloy  into  their  K'*l*l  coins — as  oxhihitod  in  this  Htatenient — 
in  utter  disregard  of  tlio  ccmveniiMicc  of  "the  rest  of  nninkind,"  and 
ninking  the  gentlemen'H  notions  about  the  "Mni/orm  money  of  the 
world"  inexillioable  uniformity  of  (•(•nfu8ioii  and  nonsense. 

If  the  gentlemen  who  indulge  in  fanciful  talk  hero  altoiit  "cosmo- 
j)olitan  money  "  will  study  this  table  a  little,  they  will  discover  that 
metallic  money  the  world  over  is  as  variable  and  changeable  in  <iual- 
ity  as  the  caprices  of  men.  I  think  they  will  see  loo  that  in  travel- 
ing aroun<l  the  earth  with  tIu^  "money  of  the  world,"  it  will  bo 
necessary  not  only  to  carry  a  pair  of  scales  toweigli  the  coins  of  each 
country  through  which  we  pass,  but  also  the  statutes  i>i  every  country, 
in  order  to  ascertain  the  amount  of  aUoy  in  tlie  various  coins  of  each. 
I  ask  the  gentleman  from  Couneeticut  to  "  reflect  on  these  things," 
and  as  he  steps  out  of  one  country  into  another  let  him  stop  to  calcu- 
late the  alloy  in  his  "money  of  the  wiuld."  And  to  iiid  liim  in  tlui 
task  I  oiler  willingly  this  alloi/  table,  niul  hope  he  may  jjut  it  in  his 
pi})e  and  smoko  it. 

Mr.  Speaker,  some  gentlemen  think  we  nniy  be  inflated  with  an 
excessive  volume  of  currency.  Now  on  this  point  my  ojdnion  is  that 
shotild  Congress  i^rtfer  th<^  people  at  jiara  bond  bearing  ;{.6.')  jier  cent, 
interest,  the  same  to  be  interchangeable  with  greenbacks  on  demand, 
I  thijik  wo  couhl  not  g(^t  too  mnch  money  into  circulation ;  for  any 
excessive  or  nnemphtyed  money  would  pass  into  the  Treasury  in 
exchange  for  the  convertible  bonds,  and  should  more  money  be  re- 
quired at  anytime  for  the  convenient  transaction  of  business  it  would 
flow  out  of  the  Treasury  in  exchange  for  the  convertible  bonds.  It 
would  a«suro  fluidity  or  ^lasticitj'  to  the  currency,  and  absidutely 
prevent  financial  panics  within  tlie  United  States.  It  is  idle  to  figure 
up  the  quantity  of  money  required  by  the  people,  because  a  larger 
amount  is  required  at  one  sea80x\  than  at  another. 

By  the  act  of  February  25, 18(5*2,  Congress  provided  that  greenbacks 
should  be  convertible  to  Government  interest-bearing  bonds  at  jiar. 
This  was  tlu;  condition  on  which  the  legal-tender  act  was  passed,  and 
was  a  part  of  the  bargain  with  the  people;  but  on  March  3,  1863,  this 
provision  of  the  act  was  repealed.  It  was  done  at  the  request  of  the 
Treasury  Departmcuit,  but  the  bill  sent  up  for  the  purpose  was  in 
the  handwriting  of  Jay  Cooko.  Mr.  Cooke  had  been  hired  by  the 
Secretary  of  thy  Treasury  to  convert  greenbacks  into  0  per  cent, 
bonds.  Under  the  convertible  clause  of  the  act  of  February  25,  18(52, 
the  people  would  have  done  the  business  without  the  employment  of 
a  middleman,  and  consequently  the  service  of  Jay  Cooke  would  have 
been  wholly  unnecessary;  for  as  soon  as  greenbacks  and  other  circu- 
lating notes  became  redundant  and  unemploye«l  the  people  would 
have  effected  the  conversion  to  interest-bearing  bonds  without  the 
intervention  of  an  expensive  agent. 

Having  broken  faith  with  the  people  in  repealing  the  clause  author- 
izing the  conversion  of  greenbacks  to  Government  bonds  at  jiar,  now 
let  Congress  act  Justly  by  the  people  and  at  least  authorize  the  con- 
version of  greenbacks  to  a  bond-bearing  3.65  per  cent,  interest,  and 
should  the  people  want  the  greenbacks  again  let  the  bonds  be  re- 
deemed with  greenbacks  on  demand.  I  have  received  a  valuable  con- 
tribution from  a  friend,  and  as  it  bears  forcibly  on  this  point  as  well 
as  on  the  wh(tle  financial  question,  I  will  send  it  to  the  reporters  to  be 
printed  with  my  remarks.  "  ,„<?•;  .     „ 


15 


^kfuxrv,  rKXSHYiAASiA,  March 30,  M4. 

BeAHSiH:  **.»«.♦ 

In  Olio  woiil,  r  nmv  wiv  lliat.  your  U111  (11.  It.  No.  HIS!)  inofts  niv  rntlr^  apnmlia- 
tiiiii,  ami  I  am  drlijjhU^A  to  know  tliat  tlierd  iHoneat  luawt  on  tlio  tiiKir  of  tho  \l<  .ino 
wlio  liHH  n.  jD(a*i  to  iiHM^t  tlio  iliHicr.hirH,  iinrl  t)m  counijiP  to  Ktuiid  up  in  o|i|Mirtitioii 
to  a  inoncvwl  monopoly  and  a  monstrous  tyranny,  -wldi'li  thf  liuMiiifH8  nu<n  and 
wealtli-nro'luct^rH  of  tlio  country,  irrM]>ective  <>/  party,  arc  di^l^l'mined  »hull  bo 
iinslim  out  of  cAlstiaice. 

Tlu!  diMuocrata  and  reiinblicanH  in  (/Ongres."  who  are  aidln){  to  iipliold  tlils 
inono>ed  tyrani.  ^  nndi>r  tlin  iiii;;erald(«  pri't<>xt  of  a  <.l('<dro  to  "rtmunie  Hpccin  pay- 
mputii  "  avoid  "inlii'.tion,"  and  rid  u»  of  an  "  iiTedccniahlo  ourrenf.,',  witiiout 
takiuL'  any  other  hN-iih  -lian  a  contraction  of  the  ciirrt-nfy  to  accompllsli  thcii-  pro- 
fi^smHlpurposfB,  will  Huu  tlioiusplvt-H  mlHtaktMi  if  they  count  on  tlio  support  of  tli« 
l«)oplo.  1  would  not  8upiM>rt  one  of  thuni,  either  democrat  or  republiuau,  to  i»a\  e 
tholr  livoH. 

Tiin  moment  your  proposition  to  make  TTnited  States  Tronsury  notes  a  /till  lej:nl 
tender  is  adopted,  tliey  will  be  eciual  to  coin  and  force  it  into  nenei-al  circulation, 
which  will  give  us  the  only  spt^cie  resumption  necexgary  or  pomiiblf.  Xo  sane  num 
can  TMjssibly  cimtendthat  one  fnll  legal-tender  money  needs  iedemplir)u  in  another 
legal  tender;  consequently  tlio  objection  to  tho  T'uited  Slati's  note  as  an  irre- 
deemable or  depreciated  money  is  entirely  obviated. 

If  indatiou  means  increase)!  values  nnwluced  by  deprfirintion,  the  adoption  of 
your  prono.*iiti<ui  destrovs  that.  If  inflation  meaiis  a  surplus  of  nuniey  or  more 
than  can  l>e  used  in  the  legitimaUi  business  of  the  country,  your  convertible-bond 
propositicui  not  only  meets  that  objcc  tion,  Imt  enables  the  people  to  regulate  llio 
volume  of  currency  for  themselves  far  better  than  Congress  or  caiiitalists  cau  do  it. 
A  surplus  of  par  jmijmm-  currency  will  no  more  jiroduce  inflation  tnan  coin. 

Our  ousiiioss  nutn's  association  hold  that  Congress  must  nnike  Tnittsd  SUitcH  money 


k/uU  legal  tender,  as  it  nuist  regulate  the  value  of  ita  Issue  of  money.    This  pre- 
vents any  fiuetuation  in  tho  nalite. 

We  also  hold  that  Contrress  cannot  place  any  other  limit  on  the  peo^iJe'*  mvneif 
than  theindebtedni'ssof  the  (lovernnu-ut  overdue. 

We  also  maintain  that  Congress  has  no  lawful  pf)wer  to  suspend  paymenf  on  any  * 
flovennnent  loan,  which  by  the  plain  letter  of  the  contract  is  niaAe  jiayable  iii 
United  Stjites  noU^s,  the  same  an  coin,  at  their  par  calve,  (dishonored  and  thereby 
depreciated  by  the  act  containing  tlu>  t<irms  of  that  contriu't.) 

vVe  do  not  believe  that  the  honot  "^f  (.'ongress  or  the  country  can  be  elevated  by 
alt<iring  a  contract  after  it  is  made,  to  l>eneflt  either  money-leiulers  or  the  peojdf  ; 
and  therefore  the  act  of  March  18,  isti!),  should  be  repealed,  as  it  |»erpv4,iuit4!S  a  iti'bt 
T>ayable  in  United  States  notes,  compelling  us  Xa>  pay  millions  of  useless  ta:iation 
annually. 

\Ve  are  uncomjironiisiu'Tly  opposed  to  banks  of  isnue.  First,  because  thO'  people' g 
moriei/  is  safer  than  that  of  any  individual,  and  the  people  are  entitled  to  the  bene- 
Jit  of  the  circidatinn  ,•  nor  dcnis  it  require  redenjption.  Second,  individual  issue* 
cannot  be  made  si/ull  legal  t«nder,  and  therefore  require  redemption  in  a/ull  legal- 
tvnder  money.  Third,  because  money  not  based  on  real  estate  as  security,  a  tVi'st 
lien  or  mortgage  on  it,  and  backed  by  the  revenues  of  a  government,  has  no  real 
value,  or  means  of  being  retired.  Fourth,  because  the  prerogative  to  make  money 
and  regulate  its  value  has  been  delegatr-d  toCongress ;  and  this  prerogative  Congress 
cannot  delegate  to  another.  We  are  in  favor  of  the  sixth  ana  seventh  sections  of 
your  bill  on  the  currency,  because  tho  act  of  IfCO  is  a  gro.ss  fraurl  on  the  people, 
(lishmiorablo  to  the  country,  simply  intended  to  perpetuate  our  public  debt  ami  tho 
national-bank  miw,  and  the  act  of  July  14,  1870,  is  useless. 

There  is  no  use  in  our  trying  to  conceal  from  ourselves  the  fact  that  we  are  in 
the  midst  of  aten'ible  conilict  between  tho  people  and  "^r<.iat  capitalists,"  who  aro 
enlisting  newspapers  and  their  coiTcspondent-s  in  their  service,  and  who  have 
threatened  to  fight  na  ''inch  by  inch"  In  the  Uniti'd  Stat*^s  Seuat«>,  in  oriler  to  defeat 
tho  friends  <'f  an  expansion  of  tho  people's  money,  and  permanently  establish  a 
moneyed  tyranny  over  us.  They  fear  expansion  lest  they  may  lo,se  "control  over 
the  onrreniy.  Pay  otf  the  five-twenty  bonds  in  par  Unit«'d  States  notes,  and  it 
will  no  more  than  place  bu.sine.ss  on  a  cash  basis,  and  make  business  men  indepen- 
dent of  money-lenders  and  note  shavers,  as  they  should  be,  and  are  determined 
to  be;  therefore  tiieir  "inch-by-inch"  tight,  but  the  final  result  of  this  conticst,  can- 
not and  will  not  be  a  doubtful  one.  We  stand  as  seven  to  three.  Tbecontraetionists 
and  all  who  attempt  to  humbug  us  with  a  pnmnso  of  resumption  of  specie  pay- 
ments in  two  or  three  years,  hobl  their  last  otHces.  Wedonot  want  any  otlieiresump- 
tion  than  that  of  specie  circulation  on  a  par  with  a  full  legal-tender  United  States 
note,  and  that  we  want  now. 

They  tell  us  that  United  States  notes  were  only  intended  a«  a  temporary  arratige- 
n>ent.  and  that  n.itional-bank  notes  were  intended  to  be  a  permanent  swindh?  on 
ns;  and  that  to  clinch  us  they  passed  the  act  of  l.-Kilt  ami  tlieactof  July  14,  1H*0. 
And  Mr.  May.vakii  says  that  we  -so  pledged  ourselves  in  1.SC8.   This  is  an  error.  The 


I.-: 

'1; 


i 


]C 


rppubllranfl  on  May  20.  IrtJ?.  nU'dufnl  thrnisolvcfl  to  pay  tin*  public  dobt  a«;cordlu)j 
to  tli<^  li'ttcr  hikI  Hi)irit  of  tluilaws  iindfr  wliich  it  waH  cmitriicttMl. 

Tim  dciiiorirtfK,  July  4,  iHiis,  pliMl^od  thr•lnMl^lvl>H  to  nmkt>  Uiiitt'd  Sfatfs  notospnr 
and  pay  tlie  livo-twonly  and  tfu-forty  Uonds  in  those  notr,«,  aud  the  boudn  of  l:^t<l 
lu  coin. 

Youi-8  rosnoctfullj", 

WILLIAS:  BllINDLE. 
Hon.  MosF.8  W.  FiEUi, 

Uoime  of  Jteprcnentativ.t,  Wanhinutnn. 

Mr.  Speaker,  I  »lmll  vote,  if  I  liavo  an  opportunity,  for  the  bill  I 
have  introdui'pd,  (H.  R.  No.  2Vy7.)  I  am  williu>jj,  lio\v(;v«>r,  to  voto 
for  tlio  bill  introtliiccd  by  my  friend  from  IVnn.sylvania,  [Mr.  Kkl- 
i.ey;]  but  sliould  that  fail,  I  simll  gladly  vote  fiu'  the  bill  introduced 
by  th»i  gentleman  from  Kentucky,  [Mr.  Ukck.] 

All  these  bills  provide  for  the  iasuo  of  a  convertible  bond,  bearing 
interoHt  at  .1.0,')  per  cent.,  in  exchango  for  greenbacks  at  i)ar;  the 
convertible  bon«l8  to  be  redeemed  in  gn  enbacks  at  any  time  on 
demand,  and  all  the  greenbacks  received  in  exchange  fir  the  inter- 
convertible bonds  to  be  used  by  the  Secretary  of  the  Treasury  in 
paying  tin?  6  per  cent,  gold  interest-bearing  bonds  of  the  Government 
called  five-twenties. 

My  colleague,  [Mr.  Walduox,]  in  a  recent  speech,  doubts  the  light 
of  Congress  to  issue  United  States  Treasury  jiotes  for  currency;  but 
advaiu'cs  the  opinicm  that  it  uiay  authorize  individuals  or  coquira- 
tions  to  make  a  currency,  and  calls  United  States  notes  (greenbacks) 
irredeemable  currency,  and  thinks  greenbacks  an  obstacle  in  the  way 
of  a  resumption  of  specie  payments.  I  cannot  conceive  of  a  greater 
fallacy  than  that  the  quantity  of  greenbacks  in  circulation  is  either 
a  hinJerance  to  resumption  or  a  cause  of  the  premium  on  gold.  Any 
per.sou  at  all  acquainted  with  business  affairs  knows  that  when  the 
amount  of  our  circulation  has  bcou  Ir.rgcly  reduced  the  price  of  gold 
has  advanced. 

The  Secretary  of  the  Treasury  (Mr.  Fe8.senden)  in  his  annual  re- 
port, December,  1864,  says : 

Tlio  cxpcrionco  of  tho  past  few  mouths  cannot  have  faihid  to  convinco  tho  most 
carcleHH  obsorvor  that,  whatever  uiay  be  tlie  ert'oct  of  a  ri'duudaut  circulation 
upon  the  price  of  coin,  other  catiges  have  exercised  a  frr«mter  an<l  more  delct^^rioua 
intluence.  In  the  counse  of  a  few  days  the  price  of  this  article  rose  from  |11 .50  ia 
|*2.S5,  and  flub.soincutlv  fell,  in  a-s  short  a  period,  to  ^l.H7,  and  then  .Tfiain  rose  as 
rapidly  to  ^■i.5(\;  and  all  without  any  a.s.siKnablo  cause,  traceable  to  an  increase  or 
decrease  in  the  circulation  of  paper  money,  or  au  expansion  or  contraction  of  credit. 

Mr.  Speaker,  the  gentleman  argues  that  the  Government  should 
not  unch'rtake  to  issue  Treasury  notes  for  curr<.»ncy,  but  declares  him- 
self in  favor  of  a  currency  to  be  issued  by  bankers. 

The  idea  that  C<nigress  (.-ainiot,  make  money,  but  may  confi'r  such 
power  on  individuals,  is  a  great  tax  on  one's  patience  and  charity. 
Calling  greenbacks  an  irredeenmble  and  worthless  currencj'  while 
comnnnuling  national-bank  issues  is  presuming  too  much  on  tho 
8tu])idity  of  the  people. 

Th<^  Director  of  the  Mint  estimates  the  gold  coin  in  the  United  States 
at  $135,000,000,  and  of  this  amount  1^87,000,000  is  in  the  Treasuiy ; 
ami  in  his  annual  report  the  Director  says,  "the  mines  of  the  Avorld 
]»roduee  an  intally  about  $100,000,000  of  gold,"  and  that  "of  this  product 
about  $'2.5,000,000  is  consumed  an.iually  in  the  arts,  leaving  only  about 
$75,000,000  for  the  uses  of  cniTency  for  the  inhabitants  of  the  whole 
earth  ;"  and  the  Director  advances  the  opinion  that  "countries,  how- 
ever wealthy  and  jmisperons,  cannot  even,  with  the  aid  of  bills  of  ex- 
change, maintain  an  ex<dnsivelv  metallic  currency,"  and  that  "the  use 
of  paper  nu)ney  as  an  auxiliary  to  coin  is  more  likely  to  increase  than 


I 


n 


if 

'V 


(liiiiluiMh  ill  the  f  itiirc."  No  one  of  any  party  prct(>nfl.s  that  wo  can 
obtain  «iiHicioiit  coin,  and  all  admit  that  we  riant  sunploniont  it  with 
l)!ipnr.  Thin  hein)?  a  fact,  how  can  any  man  wlio  wi  ifuw  to  deal  fairly 
w  ith  the  people  prefer  for  the  i»nr]>o8e  an  individual  or  private  issue 
to  the  people's  money  f  The  GloverMment  debt  now  en-erdu/' and  fay- 
ahhi  in  the  lejjfal-tender  United  States  not^^H  furniHlies  a  Ri.od  opi»or- 
tnnity  to  provide  the  money  the  country  re«piire».  Unless  t'.o  cur- 
rency is  very  larj^ely  increased — so  largely  as  to  make  it  seek  invest- 
ment in  the  j)ro[»osed  three  sixty-live  convertible  bonds— wo  will 
have,  inmyoj)mion,  such  a  crash  and  wild  panic  as  this  country  never 
saw;  and  it  is  close  at  hand. 

Now,  Mr.  Speaker,  in  conclusion,  what  is  the  situation  T  Congress 
has  sin<!e  F«»bruary  25,  18*32,  tanittod  bills  of  credit— greenbacks. 
They  have  performed  the  f  uuc^ti  on  of  an  "instrument  of  exchange"  most 
julmirably,  and  I  cannot  so©  why  gentlemen  are  so  anxions  to  get  rid 
t)f  them.  The  <yredU  of  the  nation  possesses  intrinsic  value  as  well  as 
any  metal,  and  it  represents  labor  as  well  as  gohl  beacuse  it  is  issued 
in  exchange  for  lalior.  Something  must  l>e  employed  for  a  circulating 
moilium,  and  why  not  nse  the  national  credit  for  the  purpose  f  Gold  is 
out  of  the  (luestion,  for  wo  have  not  got  it.  Greenbacks  have  worked 
well,  and  they  are  exceedingly  popular.  I  prefer  those  Govonunent 
bills  to  bank  bills,  public  credit  to  private  credit. 

Monetary  reform  is  the  jjfreat  need  of  the  country  to-day,  and  nothing 
short  of  the  principle  of  interconversion  of  greenbacks  and  interest- 
bearing  Government  bonds  at  the  option  of  the  people  will  satisfy 
the  demands  of  the  producing  classes.  This  refonu  will  emancipate 
labor,  promote  the  pntsperity  of  the  people,  audprci'cnt  the  iwasibility 
of  financial  panics  within  the  United  States. 

2  F 


'J 


